ungrateful lot we are, page-37

Tigers, you are right with comparisons to INT. Both have revenue but both losing heaps per quarter. Unsustainable. INT attempted a 0.1c rights issue and failed. Now in administration.

PNO now attempting a 0.1c rights issue. We dont need as much. And the sp recently bounced to 0.2c, so a sneaky chance of raising enough to limp on. Leaving the ex date in the future is a sign they know its a hard sell. They are giving people a chance to buy in now and still participate in RI.

I think we will make it for another 12months. But not good when you already have so many con notes. Cant really issue more. And with sp at 0.1c it leaves no room for La JOlla/Bergen/Springtree/etc.

My preference would have been to sell down MLPH a bit. No harm in cashing out but still maintaining significant upside in the USA. I know we couldnt dump our shares but a slow on market sale could raise more without the dilution.